Nationwide overpayment caution

HoolyNI

Had been overpaying my mortgage for a couple of years, reducing the term as opposed to reducing payments.

Decided to claim my overpayment reserve back and put it to use elsewhere, and wrongly assumed my term would be extended accordingly......they kept the term at what it had dropped to with the overpayments and almost doubled my mortgage payments in the process.......and now they want £20 to extend my term to what it would have been without the overpayments.

They aren't bad craic

Thrugelmir

You would requested the reduction in contractual term when making the overpayments. NW could not have amended the term without your consent.

So in effect you've repaid the mortgage early not created a "reserve".

If you wish to borrow further money against your property you'll need to adhere to and meet current lending criteria.

As a last resort remortgaging could enable you to achieve the outcome you desire.

HoolyNI

They give you choice as to whether you reduce the term or the monthly payments and to get the reserve back i simply had to write to them and they paid it into my bank account within a week.

Radionotme

How much had you been overpaying by, the standard £500, or more?